E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – July 31, 2017 Forecast

September E-mini NASDAQ-100 Index futures are expected to open higher based on the pre-market trade. The minor trend is down according to the daily swing chart. It turned down when sellers took out 5890.50 late last week.

The market formed a closing price reversal top on the daily and weekly charts. This indicates the selling may be greater than the buying at current price levels. It doesn’t mean the main trend is turning down.

A trade through 5844.75 will confirm the reversal chart pattern on the daily and weekly charts. This could create the downside momentum needed to challenge the retracement zone at 5778.00 to 5726.75.

A move through 5995.75 will negate the closing price reversal top and change the minor trend back to up.

The short-term range is 5995.75 to 5844.75. Its 50% level or pivot is 5920.25. This price is controlling the short-term direction of the index. Holding above this level today will give the market an upside bias. A sustained move below this pivot will signal the presence of sellers.

An uptrending Gann angle comes in at 5848.25. We could see a technical bounce on the first test of this angle, but if it fails then be prepared for an acceleration to the downside with 5778.00 the next likely target.

Watch the price action and read the order flow at 5920.25 all session. Trader reaction to this pivot will tell us if the buyers or sellers are in control today.